12 2 STA T . 1 67 1 PUBLIC LA W 11 0– 2 4 6 —J U NE 1 8, 2008 Secr e ta r y t h ea p p li ca b lea moun to f the a dv ance payment , a s determined by the Secretary .SEC.1 1 04 . AV A IL A B ILI TYOF CO UN TE R- CYCLICAL P AY M ENTS. ( a )PAYMENTR E QUIR E D . —Ex cept as provided in section 1 1 05 , for each of the 2 00 8 throu g h 2012 crop years for each covered commodity, the Secretary shall ma k e counter - cyclical payments to producers on farms for w hich payment yields and base acres are established with respect to the covered commodity if the Secretary determines that the effective price for the covered commodity is less than the target price for the covered commodity. (b) E F FE C TI V E PRICE.— (1) CO VERED COMMODITIE S OT H ER THAN RICE.—Except as provided in paragraph (2), for purposes of subsection (a), the effective price for a covered commodity is e q ual to the sum of the following
( A ) T he higher of the following: (i) The national average market price received by producers during the 12-month marketing year for the covered commodity, as determined by the Secretary. (ii) The national average loan rate for a marketing assistance loan for the covered commodity in effect for the applicable period under subtitle B . (B) The payment rate in effect for the covered com- modity under section 110 3 for the purpose of making direct payments with respect to the covered commodity. (2) RICE.— I n the case of long grain rice and medium grain rice, for purposes of subsection (a), the effective price for each type or class of rice is equal to the sum of the following: (A) The higher of the following: (i) The national average market price received by producers during the 12-month marketing year for the type or class of rice, as determined by the Secretary. (ii) The national average loan rate for a marketing assistance loan for the type or class of rice in effect for the applicable period under subtitle B. (B) The payment rate in effect for the type or class of rice under section 1103 for the purpose of making direct payments with respect to the type or class of rice. (c) TAR G ET PRICE.— (1) 2008 CRO P YEAR.— F or purposes of the 2008 crop year, the target prices for covered commodities shall be as follows: (A) W heat, $ 3. 9 2 per bushel. (B) Corn, $2. 6 3 per bushel. (C) G rain sorghum, $2.5 7 per bushel. ( D ) Barley, $2.2 4 per bushel. (E) O ats, $1.44 per bushel. (F) U pland cotton, $0.7125 per pound. (G) L ong grain rice, $10.50 per hundredweight. ( H ) M edium grain rice, $10.50 per hundredweight. (I) Soybeans, $5.80 per bushel. ( J ) Other oilseeds, $10.10 per hundredweight. (2) 2009 CROP YEAR.—For purposes of the 2009 crop year, the target prices for covered commodities shall be as follows: (A) Wheat, $3.92 per bushel. (B) Corn, $2.63 per bushel. (C) Grain sorghum, $2.57 per bushel. 7USC8 7 14.
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